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Regime: Risk-on, fuelled by falling US yields and hopes of de-escalation in the Middle East; VIX is elevated but failing to hold gains. Today’s market themes: Geopolitical relief rally: Equities and gold gain on reports of a potential US-Iran deal, sending oil sharply lower. Dovish ECB spillovers: European yields are sharply…
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Where we are: The DXY is currently trading at 97.79, down 0.41% on the day, having traded in a range of 97.48 to 98.22 so far. This represents a significant break below the 98.00 level, and extends the decline from yesterday’s close as risk sentiment improves. The Greenback is testing fresh…
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Where we are: The S&P 500 futures are trading at 7339.50, up 43 points, indicating a positive open for the New York session. The overnight range has been relatively tight, between 7293.75 and 7364.75. This level is well above yesterday’s cash close of 7259.20, suggesting follow-through buying pressure. What’s driving it:…
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Where we are: Gold (COMEX) is trading at 4689.9, up 126.6 or 2.77% on the day, fueled by hopes of de-escalation in the Middle East. Overnight, bullion traded in a wide range between 4556.1 and 4733.9. This rally marks a significant recovery from recent selling pressure, pushing it well above yesterday’s…
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Where we are: EUR/USD currently trades at 1.1756, up +0.53% on the day. The pair has traded in a range of 1.1692-1.1797 so far, pushing towards the upper end of the range. This price action suggests a continuation of the bid seen in the EU session, and marks a substantial move…
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Where we are: Nasdaq futures currently trade at 28443.25, up 0.66% on the day, consolidating the overnight gains. The intraday range spans from 28248.25 to 28632.75, hinting at potential for further upside. The cash Nasdaq 100 closed yesterday at 25326.13 and has yet to fully catch up with the future’s optimism.…
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Where we are: GBP/USD currently trades at 1.3611, up 0.50% on the session, after printing a session high of 1.3643. Cable has outperformed in early trading, boosted by a rally in gilts and broad risk-on sentiment. This move sees the pair testing levels not seen since mid-February. Intraday support sits near…
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Where we are: USD/JPY is currently trading at 156.19, down 1.08% on the day, and significantly off its overnight high of 157.93. The pair has broken below initial support at 157.00 and is testing lower levels following a three-day losing streak for the Yen. This level puts the pair near the…
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Where we are: Dow futures are currently trading at 49866, up 502 points or 1.02% on the day, having traded in a 49354-50060 range overnight. The cash Dow Jones closed yesterday near 49298 and is indicating a substantial gap-up open this morning. The Dow is outperforming broader market indices, currently showing…
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Where we are: USD/CAD is currently trading at 1.3613, modestly lower on the day. The pair has been contained within a tight intraday range of 1.3578-1.3622, failing to meaningfully break either side. This level is roughly in line with yesterday’s NY close, suggesting a period of consolidation after recent volatility. What’s…
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Where we are: Bitcoin is trading at 82359, up 1.13% on the day, challenging the intraday high of 82840. The overnight range has been relatively contained, with support holding around 80799. BTC is building on gains seen in the Asian and European sessions and is pushing towards levels not seen since…
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Where we are: The FTSE 100 is currently trading at 22914, up 437 points or 1.95% on the day. The index is trading near the upper end of today’s range of 22477-23058, and has sharply outperformed the prior NY session. What’s driving it: The primary driver for the FTSE’s surge appears…
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Snapshot: AUD/USD is currently trading at 0.7239, up 0.75% on the session, buoyed by a weaker dollar and a decent lift in copper prices. Domestically, the RBA’s reluctance to commit to a cut path, highlighted by Bullock’s recent comment that inflation progress remains ‘uneven’, underpins the currency despite falling AU yields.…
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Snapshot: WTI Crude is down sharply at 95.21, a -7.34 decline, driven by speculation of a US-Iran deal that could ease tensions and boost supply. The potential agreement is already weighing on prices, with WTI breaching the $100 level. Watch for a test of the 88.71 intraday low; break there confirms…
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Snapshot: The Nikkei 225 is trading at 59513, up 0.23% on the day. JGB yields are little changed with the 10-year holding at 2.502%, offering little directional impetus. Absence of fresh domestic macro catalysts leaves the index to track offshore sentiment. Watch 59707 as intraday resistance. A sharper pullback in US…
